As soon as the minimum wage goes up so does the cost of living by the same percentage. So, when the minimum wage went from 1.35 to 1.50 (back in my day), 1.50 became the new 1.35. Same with today’s minimum wage, it is the new 1.35 and any raise would only become the newer version of 1.35.
Obama says he wants to raise minimum wage from $7.25 to $10.10 by 2016. That's an increase of 39 percent. So the cost of living will go up 39 percent. As I'm on S.S., will my S.S. checks go up 39 percent by 2016 to allow me to buy $10 cheeseburgers? (Well, if a good cheeseburger meal costs about $7 now, then it'll be $10 later after a 39 percent increase.) No good will come from this meddling by the fool.